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 & (1) & (2) & (3) \\
VARIABLES & FDl\_share5\_w & FDl\_share5\_w & FDl\_share5\_w \\ \hline
 &  &  &  \\
l\_va\_total\_FD & -0.507*** & 0.103*** & -0.507*** \\
 & (0.0222) & (0.0203) & (0.0221) \\
Constant & 0.0124*** & -0.00178 & 0.0124*** \\
 & (0.00109) & (0.00571) & (0.00109) \\
 &  &  &  \\
Observations & 3,620,235 & 210 & 3,620,025 \\
R-squared & 0.017 & 0.107 & 0.017 \\
Firm FE & No & No & No \\
Year FE & No & No & No \\
Cluster & Sector x Year & Sector x Year & Sector x Year \\
 Filter & FD & FD & FD \\ \hline
\multicolumn{4}{c}{ Robust standard errors in parentheses} \\
\multicolumn{4}{c}{ *** p$<$0.01, ** p$<$0.05, * p$<$0.1} \\
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